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US Comptroller: Bank Sanctions Coming

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John Walsh, Acting Comptroller of the Currency, testified in a Senate Banking committee hearing that a probe of 14 of the largest US loan servicers was likely to result in sanctions.
 

John Walsh testified before the Senate Banking Committee that after a probe of 2,800 foreclosure cases, the agency determined that banks violated state and local foreclosure laws adversely affecting mortgage markets' function and the US economy as a whole.

Walsh did not identify what sanctions the US Treasury would seek to impose saying that regulators had yet to agree on the size of a possible settlement because they had not yet added up the actual violations and the appropriate value of each.

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